A change in the price level produces a ________ the aggregate demand curve. i. shift in ii. change in the slope of iii. movement along
A) i only
B) ii only
C) iii only
D) i and iii
E) i and ii
C
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The benefits of economic growth are ________, while the costs of economic growth are ________.
A. increased output per person; less future consumption B. increased output per person; too small for concern C. more current consumption; less future consumption D. increased output per person; the consumption sacrificed in exchange for capital formation
There are two ways in which the Fed can provide additional reserves to the banking system: it can ________ government bonds or it can ________ discount loans to commercial banks
A) sell; extend B) sell; call in C) purchase; extend D) purchase; call in
A phase in the business cycle in which the economy's real GDP declines is known as:
a. a depression. b. a recession. c. a downtick. d. disequilibrium. e. limited demand.
The greater the degree of inequality in the distribution of income, the more bowed will be the Lorenz curve toward the:
A. Upper left-hand corner B. Upper right-hand corner C. Lower right-hand corner D. Lower left-hand corner